Oct
25

Chicago Home Sales UP and down

October 25, 2010

There’s good and bad in everything and that includes the latest report on Chicago area home sales.

The Illinois Association of Realtors released the report today, and this is what Geoffrey J.D. Hewings had to say about it:

“This has been a difficult quarter for the housing markets in Illinois and Chicagoland,” said the Director of the Regional Economics Applications Laboratory at the University of Illinois. “The forecasts for the final quarter of 2010 suggest more of the same.”

Condo for Sale in ChicagoLet’s see for ourselves. Here is the breakdown on the report:

The City of Chicago:

*September 2010 vs. September 2009: Sales of homes and condos were down 26.9 percent.

*January-September 2010 vs. January-September 2009: Year-to-date sales are UP 11.1 percent!

*January-September 2010 vs. January-September 2009: Year-to-date median sales price is $210,000, down 7.9 percent from $228,000.

In the nine-county Chicago area (Cook, DeKalb, DuPage, Grundy, Kane, Kendall, Lake McHenry and Will):

*Sept. 2010 vs. Sept. 2009: Total home sales fell 22.4 percent.

*Jan.-Sept. 2010 vs. Jan.-Sept. 2009: Year-to-date sales are UP 10.5 percent!

*Jan.-Sept. 2010 vs. Jan.-Sept. 2009: Year-to-date home price is $189,000, down 5.5 percent from $200,000.

Across the state of Illinois:

*Sept. 2010 vs. Sept. 2009: Year-over-year home sales are down 23.4 percent.

*Jan.-Sept. 2010 vs. Jan.-Sept. 2009: Year-to-date sales are UP 4.9 percent!

*Jan.-Sept. 2010 vs. Jan.-Sept. 2009: Median home sales price is UP 1.7 percent from $155,000 to $158,000!

“A positive indicator that our market is moving as it should can be seen with a steady pace of units sold and existing inventory being absorbed,” said Mabel Guzman, president of the Chicago Association of REALTORS® and a REALTOR® with Su Familia Real Estate, Chicago. “With condo sales in the city of Chicago up over 11 percent year-to-date from the same period in 2009, we see an expansion of choices for potential buyers to jump in the market now and find great value for homes they may have not otherwise been able to afford.”

See? Now that’s a way to see things positively.

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Tracey

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